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Apartment complex sells for $25 million, will be renamed Gables of Troy

A 544-unit apartment complex in Troy has sold to Southfield-based Kaftan Communities for $25 million.

The company will rebrand the Eagles Landing of Troy apartments as the Gables of Troy starting Thursday, said President Jeffrey Kaftan.

The complex, located south of Interstate 75 between Livernois and Rochester roads, will also undergo $1.5 million in renovations to the clubhouse, exterior and interior work, and improvements to roads, hallways and signage, Kaftan said.

Kaftan Communities will manage the complex, he said.

The purchase brings Kaftan’s multifamily ownership and management portfolio to about 2,500 units in southeast Michigan. It’s the company’s largest purchase in its nearly 50-year history, Kaftan said.

“We feel there is a lot of opportunity with this product given its location,” he said. “Between the rebranding and renovating the property, we’ll step it up to another level.”

The complex is about 94 percent occupied, Kaftan said.

It has one- and two-bedroom units with an average size of 875 square feet and 1,050 square feet, respectively, according to Washington, D.C.-based real estate information service CoStar Group Inc.

One-bedroom rents range from $635 to $675 and two-bedroom rents range from $650 to $700, according to CoStar.